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BitMine’s $93 Million Ethereum Buy Fails To Trigger Price Rise

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Ethereum HODLer Position Change

Ethereum price recently failed to sustain a breakout above $2,100, forcing the altcoin into a consolidation phase. The rejection reinforced resistance and shifted short-term momentum lower. External developments fueled expectations of recovery, but limited investor participation muted their impact.

ETH has since slipped back into a structured range. Broader crypto market conditions remain fragile, amd the current structure reflects hesitation rather than renewed confidence.

BitMine Maintains Its Alchemy of 5%

On February 23, BitMine announced it had acquired an additional 51,162 ETH over the week, worth more than $93 million. The purchase represented one of the larger institutional Ethereum buys in recent weeks. However, the announcement failed to generate sustained upward price movement.

Instead of triggering accumulation, long-term holders resumed distribution. On-chain data suggests some investors likely used the headline as liquidity to reduce exposure. This reaction highlights that the Ethereum price remains more sensitive to broader market cues than individual corporate acquisitions.

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Ethereum HODLer Position Change
Ethereum HODLer Position Change. Source: Glassnode

Ethereum Holders Are Struggling

Ethereum’s HODL waves provide insight into investor behavior. Short-term holders have matured into mid-term holders, with the 3- to 6-month supply rising by 5% over the past week. This shift indicates investors are waiting rather than exiting positions.

Underwater holders appear reluctant to realize losses. Their decision to hold supports price stability. However, this same caution may be limiting fresh buying activity. Investors are prioritizing recovery confirmation before committing additional capital to ETH.

Ethereum HODL Waves
Ethereum HODL Waves. Source: Glassnode

ETH Price Could Slide Further

Ethereum is trading at $1,824 at the time of writing after losing the $1,928 support level. The Parabolic SAR indicator now sits above the candlesticks, signaling a confirmed short-term downtrend. This technical setup suggests sellers currently control momentum.

The next major support for ETH stands at $1,750. A decisive break below that level could expose the cryptocurrency to further downside toward $1,595. Weak macro conditions and persistent outflows may amplify volatility if support fails to hold.

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ETH Price Analysis.
ETH Price Analysis. Source: TradingView

The CBD heatmap identifies a significant demand zone between $1,880 and $1,900. Ethereum slipped below this range during the recent decline. If buyers from this zone opt to sell to limit losses, downside pressure could accelerate across spot and derivatives markets.

Ethereum CBD Heatmap
Ethereum CBD Heatmap. Source: Glassnode

Conversely, resilience among holders could shift momentum. A rebound toward $1,928 would signal improving structure. Reclaiming that level as support may open ETH’s path toward $2,108. A sustained breakout above that resistance would invalidate the current bearish thesis and restore bullish momentum.

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Crypto World

Argentina Blocks Polymarket as Crackdown on Prediction Markets Expands

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Crypto Breaking News

Court Orders Remedial Reflex

In Buenos Aires, a court directed regulators to impose tight controls of access. The telecom regulator ENACOM also liaised with the internet companies to shut down the site. Google and Apple were also asked to take the app out of their stores. The reason why these actions are taken is to restrict access to the users in the country.

This has caused regulators to tighten their belts due to apprehension caused by activity associated with inflation data. It was reported that the platform made predictions of Argentina’s inflation rate in February before it was officially released. Besides, authorities reported that the prediction was altered minutes before publishing. This chain of events triggered the need to further research how the platform functions.

Researchers came to the conclusion that the platform served as a web-based betting platform. Regulators also said it enabled the users to participate in wagering without licenses. Also regulators were worried about access by minors. These results resulted in even tougher steps to be taken against the platform.

Latin America’s Crackdown Continues

The move is in line with other actions taken by Colombia. Polymarket was later blocked in the country due to similar complaints raised against unlicensed gambling services. Therefore, Argentina became the second country to ban the platform in the region. Such a trend underscores the developing regional integration in the area of regulatory enforcement.

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Regulatory examination does not just end at Latin America; it extends to other markets. It has been reported that websites like Kalshi have been involved in court cases in the United States due to allegations of unregulated betting services. It has also been reported that unpaid wagers have been involved in cases of dispute that are associated with geopolitical activities. Regulators and legal authorities have paid more attention to such developments.

Polymarket has also addressed criticism by eliminating some of the markets. Additionally, the site has recently shut down a market for nuclear risk forecasts after being pressured by the publicity. More so, the shutdown was done through the high geopolitical tensions. This is in response to efforts to deal with concerns as the regulatory pressure persists. Argentina has imposed a nationwide ban on Polymarket following the discovery of unlicensed betting operations and a ban on platforms. The relocation is in line with the larger international desire to control prediction market sites and restrict illegal gambling solutions.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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US Lawmakers Introduce Bill to Crack Down on Prediction Markets War Bets

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Law, Congress, United States, Prediction Markets

Two Democratic lawmakers in the US Congress have introduced legislation in response to “government corruption” over bets on prediction markets platforms.

In a Tuesday announcement, Texas Representative Greg Casar and Connecticut Senator Chris Murphy said they had introduced the Banning Event Trading on Sensitive Operations and ​Federal Functions (BETS OFF) Act after several Polymarket accounts made “highly unusual bets” that a war between the US and Israel against Iran would begin.

Murphy said on March 4 that it was likely that people with “inside information” of US President Donald Trump’s plan to bomb Iran had made the bets.

“We shouldn’t live in a country where someone sitting in the situation room making decisions about whether to invade or to bomb, decisions about war and peace, life and death, that those decisions could be driven by the fact that they have hundreds of thousands of dollars riding on the decision,” said Casar.

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Law, Congress, United States, Prediction Markets
Source: Representative Greg Casar

The bill is the latest twist in US lawmakers’ efforts to crack down on prediction market platforms and accounts allegedly using insider information to profit from government actions. Last week, California Senator Adam Schiff introduced the DEATH BETS Act to prevent prediction markets platforms from listing events contracts related to war, terrorism, assassination and individual deaths.

Related: Arizona AG files charges against Kalshi over ‘illegal gambling‘

Platforms like Polymarket and Kalshi offer bets on a variety of outcomes, including sporting events and US politics. However, users betting on the specifics of the US-Israel conflict with Iran have ignited controversy in many areas of government. On Monday, a military correspondent with the Times of Israel said that he had received death threats over his report of the date when an Iranian missile had struck Israel, all “in order to resolve a prediction on Polymarket.”

War-related bets still live on Polymarket

As of Tuesday, Polymarket still offered users the opportunity to place bets on the outcomes of several potential decisions in the US-Israel conflict against Iran, including on whether the US would send ground forces into the country, when a ceasefire might happen, and changes to Iranian leadership.

“The promise of prediction markets is to harness the wisdom of the crowd to create accurate, unbiased forecasts for the most important events to society,” said Polymarket in a note on Middle East markets. “That ability is particularly invaluable in gut-wrenching times like today. After discussing with those directly affected by the attacks, who had dozens of questions, we realized that prediction markets could give them the answers they needed in ways TV news and [X, formerly Twitter] could not.”

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Kalshi, in contrast, offered event contracts related to the Iranian conflict but not on specific military actions, such as if the country might reach a nuclear deal with the US and whether Trump or other elected officials might visit Iran.

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